Summerset Group Holdings, the listed retirement village, has been granted resource consent for its $80 million Wigram village, its first in Christchurch. The new site will have some 200 units, including villas, townhouses and care apartments as well as 50 hospital-level beds, the Wellington-based company said in a statement. Building will begin next month with first homes opening late next year. …

ANZ Bank New Zealand has agreed to a $19 million settlement with the Commerce Commission after an investigation into the marketing and sale of interest rate swaps to rural customers between 2005 and 2009. Under the settlement the local unit of Australia & New Zealand Banking Group will establish an $18.5 million fund to pay affected rural customers and pay …

The volume and value of cash trading on New Zealand’s stock exchange fell in November from a year earlier, with activity down across the board. The total number of trades dropped 16 percent to 118,248 in November from the same month in 2013, for a total value of trading worth $3.2 billion, down some 39 percent from a year earlier, …

The New Zealand dollar fell after prices for the nation’s largest commodity export declined in the latest GlobalDairyTrade auction overnight. The kiwi weakened to 77.91 US cents at 8am in Wellington, from 78.76 cents at 5pm yesterday. The trade-weighted index dropped to 78.25 from 78.71 yesterday. Dairy product prices slipped to a fresh five-year low in the latest fortnightly auction, because of a drop in …

Dairy product prices slipped to a fresh five-year low in the latest GlobalDairyTrade auction, because of a drop in whole milk powder. The auction follows figures showing New Zealand’s terms of trade fell from a 40-year high in the third quarter, led by an 11 percent drop in prices of exported dairy products. In November, New Zealand commodity prices fell …

The Supreme Court has dismissed an application by property developer Arthur Morgenstern for leave to appeal a Court of Appeal order for him to pay $3.5 million for breaching directors’ duties. In a written judgment citing the reasons for rejecting the application, the Supreme Court said the proposed appeal doesn’t raise a question of law of public or general importance …

The New Zealand dollar was little changed against its trans-Tasman counterpart after the Reserve Bank of Australia kept its key rate at a record low, while saying a weaker currency was desirable to foster balanced economic growth. The kiwi traded at 92.53 Australian cents at 5pm in Wellington from 92.65 cents immediately before the release, and 92.45 cents yesterday. It …

The Reserve Bank of Australia said its currency, near a 4 1/2-year low, remains over-valued and needs to decline further to assist the economy across the Tasman, which is growing at a moderate pace. The central bank kept its cash rate unchanged as expected at a record low 2.5 percent, where it has been since August 2013. Governor Glenn Stevens issued a statement …

Delegat’s Group, the listed winemaker, plans to put a toehold in China next year as part of a long-term goal of boosting overall sales by 52 percent in the next five years. The Auckland-based company set up an in-market sales team in Japan this year and plans to do the same with three to four staff in Shanghai next year to push …

New Zealand shares rose, led by Chorus, after the Commerce Commission lifted the amount the network operator can charge on its regulated copper lines. Spark New Zealand fell on the regulator’s decision. The NZX 50 Index edged up 0.413 points, or 0.01 percent, to 5430.035. Within the index, 24 stocks rose, 19 fell and seven were unchanged. Turnover was $146 million. In a draft determination issued this …